MGT 124 Chapter 1-5S

  1. Productivity Formula
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  2. Productivity Growth
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  3. Multifactor Productivity
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  4. MAD - Mean absolute deviation
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  5. MSE - Mean squared error
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  6. MAPE - Mean absolute percent
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  7. Exponential Smoothing
    • chart?chf=bg,s,00000000&cht=tx&chl=F_t%20%3D%20(1%20-%20a)F_t_-_1%20%2B%20aA_t_-_1&chs=358x38
    • Forecast = (inverse alpha *¬†Previous Forecast) + (alpha *¬†Actual)
  8. Backup System Rule 1 - Success dependent on multiple successes
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  9. Backup System Rule 2 - Two events and at least one backup is needed for success
    • chart?chf=bg,s,00000000&cht=tx&chl=Success%20%3D%20P_1%20%2B%20(1-P_1)%5Ctimes%20P_2&chs=410x38
    • P1 = .90 and P2 = .80
    • Success = .90 + (1-.90) x .80 =
  10. Backup System Rule 3 - two or more events and one is needed as success
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  11. Efficiency Equation
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  12. Utilization Equation
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  13. Maximin
    The best worst
  14. Maximax
    The best best
  15. Laplace
    The best average in the row
  16. Minimax Regret
    Least regret
  17. Expected Value of Perfect Information
    • EVPI = Expected payoff under certainty - Expected payoff under risk
    • Use best expected value times weighted row and add together to get EVcert.
    • Use best alternative from Minimax Regret for EVrisk.
  18. PDCA cycle
    Plan Do Check Act
  19. Profit Equation
    • P = Q(R - v) - FC
    • Profit = Quantity(Revenue - variable) - Fixed Cost
  20. Quantity Equation for Profit
    • Q = P + FC / R - v
    • Quantity = Profit + Fixed Cost / Revenue - variable
Author
jerk7600
ID
334384
Card Set
MGT 124 Chapter 1-5S
Description
MGT 124 Operations Management
Updated